Today, Swiss cryptocurrency financial services firm Bitcoin Suisse introduced precious metals’ trading against top cryptocurrencies.
Bitcoin Suisse has just added gold, silver and platinum for trading on its platform, enabling users to trade the precious metals against major fiat currencies as well as two cryptocurrencies, Bitcoin and Ether (ETH).
All three types of assets are available for 24/7 trading
Announcing the news on May 26, Bitcoin Suisse highlighted that precious metals, fiat currencies and crypto assets are available for 24/7 trading with immediate cash settlement. The news comes shortly after Bitcoin Suisse introduced 24/7 trading with fiat currencies on April 29.
According to the announcement, the three precious metals can be traded against five fiat currencies including the Swiss franc (CHF), the United States dollar (USD), the British pound (GBP), euro (EUR) and the Danish krone (DKK).
Bitcoin Suisse says that all precious metals traded on its platform are stored by a trusted banking partner, with purchases being “backed 100% by the Bitcoin Suisse bank guarantee.”
“Bitcoin may not be Gold 2.0 – yet”
The new feature purportedly targets all types of traders as the Bitcoin Suisse precious metals offering is accessible to all levels of client demand. The minimum purchase amount accounts for 100 CHF ($103), while no custody fee is applied for holdings up to 100,000 CHF ($102,889).
Stefan Lütolf, head of trading and liquidity management at Bitcoin Suisse, noted that the new feature comes in response to an increasing demand for “scarce, highly valuable assets such as gold and Bitcoin.” Lütolf continued that Bitcoin Suisse is committed to providing their clients with the maximum choice possible. Admitting that “Bitcoin may not be Gold 2.0 – yet,” the exec said that Bitcoin Suisse went “beyond the crypto asset class for the first time.”
Cointelegraph reached out to Bitcoin Suisse for additional queries and will update as soon as we hear back.
Some of the most valuable physical commodities in the world, such as precious metals like gold, silver and platinum, are becoming more connected with cryptocurrencies like Bitcoin (BTC).
On April 7, peer-to-peer crypto marketplace Paxful introduced support for trading between gold and Bitcoin. Some crypto exchanges also allow the trading of gold-backed stablecoins like Paxos Gold (PAXG) and Tether Gold (XAUT) against fiat currencies and cryptos like Bitcoin.a